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Can a trustee sell assets in a irrevocable trust when the decease owns 99 percent of the property named in the trust?
You must review the terms of the trust to determine the powers of the trustee. If you still have questions then you need to consult an attorney who specializes in trust law.On one point you seem to be confused. A decedent cannot be the owner of 99% of the property in a trust. The property is owned by the trust. The most common purpose of a trust is to remove property out of a person's estate (the grantor) so that the property bypasses probate.Once a person transfers her property to a trust, it is managed by a trustee according to the terms of the trust. A properly drafted trust has provisions that direct the distribution of property after the death of the grantor.
What is a residual trust?
A residual trust is known as the A-B trust. It its set up to handle someones estate and allow for part of it to be used for the spouse.
What does a surviving spouse have to do to remove the other spouse from a trust?
You cannot be the surviving spouse of a trust. A trust is a legal arrangement set up to hold title to property. Any trust is managed by the provisions set forth in the document that created the trust. You need to review that document. If no one has a copy then you may need to get a court order to make changes.
In what year did Hersha Hospitality Trust - HT - have its IPO?
Hersha Hospitality Trust (HT)had its IPO in 1999.
What happens if you find additional insurance policies where beneficary listed is absolutely excluded in trust?
In order to find a trust with life insurance proceeds the trust must be named as the beneficiary of the insurance policy. Then the trust documents specify what the funds are used for that are in the trust. If there are other life insurance policies that are still active and have other individuals named as the beneficiaries then the money from those policies cannot be placed into the trust and will be paid directly to the current beneficiary listed with the insurance company. The trust will have no claim whatsoever on these policies. It could be that these policies had their beneficiary changed when the trust was set up and the trust is the current beneficiary of them as well and he just didn't put the change form in the policy. Whatever is on record with the insurance company will be the person that the benefits are paid to no matter what.
How do you liquidate a deceased person's trust?
A trust account can be liquidated if the wording used to create the trust allows for its liquidation. The actions taken would be to sell the assets of the trust and distribute the cash to the beneficiaries of the trust. This again is only possible if the trust's creative wording allows or says it should be done. A trust is administered by a trustee appointed for its position by the will of trust or in the words used to create the trust.
Is both principal and interest paid out of a trust fund?
That depends entirely on the wording of the trust. It can be done either way.
Can you leave a trust fund to someone if you haven't inherited it yet?
Unlikely. Any assets would revert back to the trust. It would depend on the trust wording.
What happens if the beneficiary of a california living trust dies before the estate is settled?
There is a disconnect here. A living trust is not related to an estate. The wording of the trust and perhaps the will associated with the individual will determine what the expectations are.
Based on New York state law can an irrevocable trust have co trustees or is only one trustee permitted?
There can be two trustees, depends on the wording of the trust.
How can you desolve an irrevocable trust.?
To dissolve an irrevocable trust, you typically need the consent of all beneficiaries and the trustee, as well as court approval in some cases. Additional requirements may vary depending on the specific terms of the trust and applicable state laws. It is advisable to seek the guidance of an attorney specializing in trusts and estates to navigate the process successfully.
If a bank was the trustee for the trust holder but the bank has been bought out twice. How do you find out who the trustee is now for the trust holder's beneficiaries?
Typically the trustee is the successor bank, but it does depend on wording in the trust as well as potentially state and/or federal banking laws.
What is a precatory trust?
An oxymoron. A precatory trust isn't a real trust at all. Precatory trusts are more a name that a real type of trust category. These trusts are created by the use of precatory words (I wish, hope, desire, trust). The lack of mandatory wording (you will, must, etc) means no trust is really created. Thus, isn't enforceable at law or equity.
How long is a Will in effect after the death?
Until the estate is settled and closed. It can also depend upon the wording of the will, which could create a trust that is active for decades.
What is the wording for quit claim deed for living trust?
The grantee should be recited as, " . . . to William Edward as trustee of the Eagle's Nest Revocable Trust as set forth in a Declaration of Trust Dated November 11, 2008". See also the related question below.
What is the wording for a quit claim deed from a husband and wife to their living trust specifically the grantee line?
The entry should be, ie, "Mr. John and Mary Smth, as trustees of the John and Mary Smith Living Trust."
Can a wife claim a share in the trust of her husband set by his parents before the marriage?
Without knowing the specific wording of the trust document, it is impossible to answer this question. If there is a clause, or clauses that refer to, future spouses, or "heirs and assigns" she might be.
